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Bitcoin Trading Volume Gets Closer to $50 Billion

Bitcoin (BTC) trading volume is getting closer to $50 billion as the market turned bullish once again. According to data provided by market aggregators, the last 24 hours saw Bitcoin’s volume surge to $50 billion, as the virtual currency is now being traded above $54,000. This comes at a moment in which other virtual currencies are registering large volumes such as Tether (USDT) and Siba Inu (SHIB). 

Bitcoin Trading Volume Surges

Bitcoin trading volume has surged to $50 billion as the price of the virtual currency surpassed $55,000 on the XBT/USD pair just a few days ago. The whole market has turned bullish as virtual currencies recover from several months in which they have been traded sideways. 

Now, the question is whether Bitcoin would be able to sustain the current price levels and continue moving higher during the last quarter of this year. Bitcoin’s move towards $55,000 was closely related to the news of George Soros’ fund announcing they own Bitcoin. This allowed BTC to reach 5-month highs as the virtual currency continues to attract new investors and large companies. 

When we analyse the trading volume of the largest virtual currencies in the market, we see that Tether (USDT), the largest stablecoin in the market, continues to lead in terms of trading volume. In the last 24 hours, it registered a massive $92 billion in trades, showing that there has been a lot of interesting things going on for different virtual currencies. 

The second position is currently held by Bitcoin with the previously-mentioned almost $50 billion in volume. This is followed by Ethereum (ETH), the second-largest virtual currency in the world with almost $25 billion. 

However, the surprising result comes from a cryptocurrency that has not been among the top 10 but that has already surpassed other virtual currencies such as Litecoin (LTC), Chainlink (LINK) or Bitcoin Cash (BCH). 

We are talking about Shiba Inu (SHIB) a digital currency that expanded during the bull market that pushed Dogecoin (DOGE) to new all-time highs earlier this year. With a market capitalization of $16 billion, Shiba Inu registered a trading volume of $16 billion in just 24 hours. That’s definitely a massive number for a coin that was among the largest but didn’t play a key role in the expansion of virtual currencies over the last years. 

The question is now whether it would be possible for Shiba Inu to continue with this bullish trend. It is also worth mentioning that SHIB has registered a price increase of 375% in just 7 days and 51% in under 24 hours. 

For those that do not know about Shiba Inu, this virtual currency was created as a meme token that spread across the internet as a fun digital asset to hold and transact. One of the interesting things about this virtual currency is that 50% of the total supply was allocated to Vitalik Buterin, one of the co-founders of ETH. Despite that, Buterin donated 10% to a COVID-19 relief fund in India and 40% of the remaining tokens were burnt.